Comments on: Should Schools have Money Management Classes?

By: Daghead

Daghead — Mon, 26 Apr 2010 01:12:02 +0000

I wish this had been an option for me in High School, and even feel it should have been mandatory… Because now I’m left having no idea how to think of the money in my bank accounts like putting cash in separate folders, let alone how to do my taxes. The lack of such a class is another reason to lack faith in humanity’s common sense.
.-= Daghead´s last blog ..Overcapitalization =-.

By: Chad

Chad — Sat, 15 Sep 2007 00:36:52 +0000

In Texas we had (in 98) a course called Math of Money. It wasn’t required so most people didn’t take it. It basically taught us to balance a check book, budgeting for the household expenses and some other extremely common sense stuff – it was basically the blow-off elective that many took as a senior.

I really wish it had covered TVM and maybe even concepts of valuation and different measures of risk. Understanding TVM is the one thing that may keep kids from jumping at all those credit card offers they are about to receive; I never understood how they completely ignored that point.

By: Robin Bal

Robin Bal — Fri, 14 Sep 2007 14:55:25 +0000

Hi Aznewsh,

You have done a great job by already by starting off early for your daughters college education. Personally I would have been better off if I had learned finance management early.

Take care and cheers

By: Why not teach money management to kids in high school? | Moolanomy

Why not teach money management to kids in high school? | Moolanomy — Fri, 14 Sep 2007 11:06:03 +0000

[...] have been giving this subject a lot of thought lately. After reading Should Schools have Money Management Classes?, an excellent post from Fortune Watch, I am finally going to write about this. As far as I can [...]

By: aznewsh

aznewsh — Wed, 12 Sep 2007 22:49:28 +0000

Great post! I dearly wish this subject would be taught at school. My daughter will not even be born until November, yet her college savings and retirement plan has already been started by me.
I will take great care to teach her personal finances, all the things I wish I would have known when i was younger.

By: Pinyo

Pinyo — Wed, 12 Sep 2007 14:53:36 +0000

This is a topic near and dear to my heart. I got the other non-academic education classes like man and woman thing (don’t want to use the 3-letter word) and driver ed. I think money management education is absolutely essential. I think junior year in high school is the perfect time; or it could a requirement for getting junior work permit.

By: Anna

Anna — Thu, 16 Aug 2007 20:14:57 +0000

We didn’t have money management courses in high school either – but I would have jumped at the opportunity if it meant I could have avoided political science! ughh! lol.

I think every high school should have a money management class. I started teaching my kids about money early, by getting them their own bank cards and making them responsible for a portion of their own purchases. If they wanted something bad enough, they would save their allowances until they could afford it, otherwise they did without.

My older son (he’s 22 now and a carpenter) finally got his first vehicle after putting away a portion of his pay for a year into savings. He was able to pay cash and avoid all the hassle of bank loans or leases. That’s the difference.

Take care;
Anna

By: Cheufong

Cheufong — Mon, 13 Aug 2007 15:54:26 +0000

Hi Robin,
Thanks for writing about this. Much needed.

In our official education curriculum, there is no personal financial management module. Though I heard from some friends, some schools are now engaging outside trainers to teach kids financial intelligence. I’m not sure about the exact contents, however, I could say it’s good start.

My days in school passed by quickly without the slightest clue about money management. You’d probably have read about my personal experience and mistakes with money management on my blog. I always say, I’d be a rich woman now, if only I learnt how to manage my money when I was younger.

That’s why I strongly agree that learning how to control one’s money would be of more help to most people. I can’t remember much about chemistry, except on dates
And that’s why I’ve included some articles on teaching kids money sense on my blog.

Bottom line to me -not all families teach kids how to manage money properly. To bridge the divide between the rich and the poor, the education system could do something.

By: Vivienne Quek

Vivienne Quek — Mon, 13 Aug 2007 13:07:52 +0000

I just visited http://www.cheufong.com at your blogroll and noticed that the writer has a series of 4 posts on teaching kids money sense

Coincidental? Still, it’s an interesting find.

By: Rod Thomas

Rod Thomas — Sun, 12 Aug 2007 20:10:49 +0000

Hi Robin

Good article, I have been involved with financial management most of my life but i didn’t learn it in school, I was fortunate enough to learn from my peers and my family. It would highly beneficial for chidlren to learn financial management in school.

Imagine having financial knowledge by the time you left high school, it would be great, however not so good for the Government.